Artificial intelligence (AI) is a time-saving tool with exceptional analytic abilities. Here we discuss whether emerging AI and condo boards are a good mix.

What is AI?

AI uses technology to mimic human thought. Programs can carry out a growing number of tasks thanks to instant access to information and advanced data processing capabilities. AI continuously adapts to user needs based on feedback and new data, allowing it to effectively follow commands, make recommendations, and improve predictions.

Is AI a good tool for condo management?

Yes. AI offers many benefits for condo boards and property managers, including:

• Cost savings through efficiency, from energy to maintenance and reduced workload to enhanced security
• Increased profitability, such as finding new revenue streams and identifying savings through preventative maintenance to avoid costly repairs  
• Improved resident satisfaction due to faster response times, improved building maintenance, and the possibility of reduced common element fees
• Reduced risk for board member burnout by taking on menial, time-consuming tasks

What tasks can AI perform for condo boards?

The list of AI “talents” is growing longer as new uses come to light, including:

Forecasting

Accurate forecasting helps condo boards take a proactive approach to maintenance. AI predicts issues to facilitate inspections and repairs. Boards can reduce costs before costly issues occur based on AI’s historical data.

Integration

AI can work with sensors to improve system monitoring in real time. Monitoring capabilities predict repairs and optimize maintenance using real-time data from leaks, temperature fluctuations, breakdowns, and more.

Information management

Capabilities such as document scanning and recognition facilitate quick document collection to reduce manual entry. Some systems can validate government documents in seconds and logically store information for quick access for staff and residents.

Other programs can recognize new information based on keywords to trigger actions such as complaint status updates to residents or contract renewal for vendors. Accounting capabilities include time-consuming processes such as owner notices for unpaid CEFs. 

Responsiveness 

AI uses keywords to quickly create auto responses, whether it is to general emails or carry on chats. Residents receive instant responses, and AI can follow up based on any questions the initial email generates. AI can also measure emotion to determine when human contact is recommended and forward requests to the suitable board or staff members. 

Decision-making

Analytical AI can help drive decisions from known energy use behaviour to measuring critical mass based on common resident complaints. Algorithms can also be flagged for issues such as historically busy overnight guest parking requests and trigger a reminder to share in the next newsletter.  

Boards can review specific information, such as how much an aging condo is spending on annual window repairs. They can then determine if it is more cost-effective to replace windows now instead of using the projected life expectancy.

Security

AI advancements in image recognition provide valuable assistance for security teams. The technology can recognize specific video images, such as slip-and-falls or violent attacks, to instantly alert security in real time.

Condo boards can use AI to make smart decisions, improve forecasting, and reduce costs. However, the technology is not yet trusted as the ultimate decision maker.

The condo experts at CPO Management Inc., a full-service property management company in Toronto and the GTA, can help find ways to leverage the latest innovations to find cost-saving opportunities for your condo board.  Reach out to us today to learn more about our condo services.